Good news ADB assistance

ADB earmarks USD5bln for Sri Lanka from 2018-2022
Author LBO
Posted on August 25, 2017 | Economy, Featured, Forex
Asian Development Bank

Aug 25, 2017 (LBO) – The Asian Development Bank said they have endorsed a country partnership strategy (CPS) for 2018-2022, amounting to up to US 1 billion dollars per year, to help Sri Lanka’s transition to an upper middle income country.

“ADB will therefore continue to invest in programs and projects in sectors where it has strong operational experience while exploring new areas that will put the country further toward reaching upper middle income country status,” said Sri Widowati, ADB country director in Sri Lanka.

“In the process, ADB operations will also promote inclusiveness; strengthen environment, climate change, and disaster risk management; and promote gender equality.”

About US 800 million dollars to US 1 billion dollars per year will be earmarked over the five-year CPS period, while technical assistance is expected to amount to about US 8 million dollars a year.

ADB will also increase its private sector operations by expanding into non-finance sectors, the country director added.

The CPS highlights Sri Lanka macroeconomic management challenges for which the International Monetary Fund is providing a program and says that the manufacturing and export bases of the economy need to be diversified, and the declining trend of exports to gross domestic product reversed since the limited size of the domestic market will constrain growth.

It is therefore necessary to catalyze domestic private investment and attract higher foreign direct investment, it said.

Further challenges include reducing remaining poverty, narrowing inequalities, achieving more balanced geographical development, and maintaining environmental sustainability.

To address these, ADB plans to strengthen infrastructure, especially in the transport, energy, and urban sectors. In the transport sector, ADB will improve connectivity by providing support for roads, ports, and railways.

In urban areas, ADB will continue to support water supply and sewerage systems. In the energy sector, ADB work will focus on expanding nontraditional renewable energy using wind and solar energy.

There will be some focus on strengthening institutions and management, especially of Ceylon Electricity Board, National Water Supply and Drainage Board, Road Development Authority, Sri Lanka Railways, and Sri Lanka Ports Authority.

ADB will also support human capital development through secondary education, technical training, and higher education, building linkages with emerging jobs.

To help create a better environment for private sector development, the Bank will work on strengthening the legal system, developing capital markets, establishing a credit guarantee institution for small and medium-sized enterprises, and facilitating public-private partnerships.

ADB is also undertaking a study for developing a comprehensive plan for the Colombo-Trincomalee Economic Corridor, to develop urban areas with industrial zones, commercial, and residential areas.

To promote greater inclusiveness, ADB will complement the government’s plan of modernizing agriculture, diversifying production into high-value crops to increase the productivity of workers.

ADB’s private sector operations will, meanwhile, explore business opportunities in the entire agriculture and food value chain.

ADB will provide relevant knowledge products, promoting best practices, laying the foundation for innovations and increasing the absorptive capacity for new technologies.

It will require ADB to be engaged with the government, development partners, and think tanks on a continuous basis.

Source 
http://www.lankabusinessonline.com/adb-earmarks-usd5bnl-for-sri-lanka-from-2018-2022/

1B us $ per year from 2018 until 2022 from ADB 
What was the highest Srilanka received previously.



http://www.dailynews.lk/2017/08/25/business/126271/adb-earmarks-5-bn-sri-lanka

Loans denawanam harima happy ape aiyalata.... But don't forget this will be recorded as a liability. Once liability increases , further interest rate will be an upward trend which is not for a good sign for Economy

Teller wrote:Loans denawanam harima happy ape aiyalata.... But don't forget this will be recorded as a liability. Once liability increases , further interest rate will be an upward trend which is not for a good sign for Economy

True..  Loans has to be taken and utilised in a better manner.  At the same time export oriented businesses needs to be encouraged. 

I see it's happening now than previous  era.

Southern highway project corrupt under 'good

  governnance'

This is what happened to one such loans

Parliamentary Committee on Public Enterprises (COPE) Chairman and MP, Sunil Handunnetti yesterday revealed that losses amounting to more than Rs.36 billion had been incurred in Extension of the Southern Expressway Project (ESEP).
He told a news conference organised by the ‘Voice Against Corruption’ (VAC) that the Chinese government was also responsible for the misappropriations that had taken place when carrying out the project.
He said the unity government launched the project at an estimated cost of US$1.9 billion or Rs.243 billion, which was a loan from China's Exim Bank, with the government agreeing to bear 15 per cent of the cost of the first and the second phases.
The MP said the FSDI Company which was constructing the expressway had presented an additional estimate of Rs.36 billion for extending the flyovers by 2.78 kilometers.
He said according to the original document the flyovers were to have a total length of 6.33 kilometers but later requested permission to extend them up to 9.11 kilometers.
“The new requisition was submitted after the construction began and the agreement was signed. On November 13, 2016 the PM’s Secretary approved the estimate but the FSDI had requested approval for the extension on November 30, 2016. It is suspicious whether the Prime Minister had permitted extension before the company's request," the MP said. He said the company had sent a letter to the RDA Senior Project Director on November 19, 2016 requesting approval for salaries of the foreign employees mostly from China with an annex of a letter sent earlier seeking permission from National Economic Council member R. Paskaralingam.
“It is surprising to know that the RDA granted approval on the letter sent to Mr. Paskaralingam,” he said and added that the appointments were confirmed by the RDA Senior Project Director without evaluating their qualifications but just looking at the CVs sent by the company.
The MP said that apart from the other major issues the company was permitted to import a luxury Benz Car duty free to be given to a powerful minister who has authority for the project. He said the matter would be taken up for inquiry by COPE.
“We are not against expressways. But this scam is little more than the whole income received by selling the Hambantota Port to China,” the MP said. 

Ryan Hudson wrote:

Southern highway project corrupt under 'good

  governnance'

This is what happened to one such loans

Parliamentary Committee on Public Enterprises (COPE) Chairman and MP, Sunil Handunnetti yesterday revealed that losses amounting to more than Rs.36 billion had been incurred in Extension of the Southern Expressway Project (ESEP).
He told a news conference organised by the ‘Voice Against Corruption’ (VAC) that the Chinese government was also responsible for the misappropriations that had taken place when carrying out the project.
He said the unity government launched the project at an estimated cost of US$1.9 billion or Rs.243 billion, which was a loan from China's Exim Bank, with the government agreeing to bear 15 per cent of the cost of the first and the second phases.
The MP said the FSDI Company which was constructing the expressway had presented an additional estimate of Rs.36 billion for extending the flyovers by 2.78 kilometers.
He said according to the original document the flyovers were to have a total length of 6.33 kilometers but later requested permission to extend them up to 9.11 kilometers.
“The new requisition was submitted after the construction began and the agreement was signed. On November 13, 2016 the PM’s Secretary approved the estimate but the FSDI had requested approval for the extension on November 30, 2016. It is suspicious whether the Prime Minister had permitted extension before the company's request," the MP said. He said the company had sent a letter to the RDA Senior Project Director on November 19, 2016 requesting approval for salaries of the foreign employees mostly from China with an annex of a letter sent earlier seeking permission from National Economic Council member R. Paskaralingam.
“It is surprising to know that the RDA granted approval on the letter sent to Mr. Paskaralingam,” he said and added that the appointments were confirmed by the RDA Senior Project Director without evaluating their qualifications but just looking at the CVs sent by the company.
The MP said that apart from the other major issues the company was permitted to import a luxury Benz Car duty free to be given to a powerful minister who has authority for the project. He said the matter would be taken up for inquiry by COPE.
“We are not against expressways. But this scam is little more than the whole income received by selling the Hambantota Port to China,” the MP said. 

It is not that we can eliminate corruption at one click. 
But the ones who criticize should praise the government that there is a credible person chairing the COPE. 
Also there is no government interference on any of these investigations.. 
Be happy we are on right course.

Politicians draw the attention away from public on minor issues while massive amount of money being corrupted pushing future generation to the hell.